BOSTON, MA, April 2, 2008 –EnerNOC, Inc. (NASDAQ: ENOC), a leading developer and provider of clean and intelligent energy solutions, today announced a five-year contract with the Ontario Power Authority (OPA) to provide demand response capacity in the Greater Toronto Area, Waterloo Region and City of Hamilton. This contract is consistent with the Company’s strategy to expand into new geographic regions with market conditions that are favorable for demand response.
The contract, which falls under OPA’s DR3 load reduction program, enables EnerNOC to deliver up to 25 megawatts of capacity. In addition, EnerNOC has the ability to submit applications to the OPA in the future for the delivery of additional megawatts under the DR3 program. These applications will be subject to acceptance by the OPA.
“Demand response is a valuable resource that enables a wide range of benefits for integrated power systems, provides financial incentives for participants and reduces the need for building additional capacity, which has a positive environmental impact,” said Sean Brady, director of demand response and industrial programs for the OPA.
“Our investment in the OPA region in late 2007 and early 2008 has positioned us to immediately begin offering our demand response solutions to customers located in Canada under our agreement with OPA,” said Tim Healy, chairman and chief executive officer of EnerNOC. “Ontario has a peak demand of approximately 27,000 MW, which is approximately the same as New England’s. We’re very committed to working with OPA to improve system operations, while reducing the environmental impact of electricity production.”
The company formed a Canadian subsidiary, EnerNOC Ltd., in 2007 in anticipation of the market opportunity in Ontario, and it has already signed customer contracts to begin meeting its 25 MW commitment to OPA. EnerNOC uses its proprietary, award-winning technology to ensure that participating businesses and institutions reduce their non-essential electricity consumption during times of peak demand, and offers financial incentives to organizations participating in the program. One such organization that already has signed with EnerNOC in Ontario is Atlas Cold Storage. During demand response events, Atlas Cold Storage has contracted with EnerNOC to reduce its electricity demand through measures such as turning off compressors and individual fans inside its storage units.
“For us, demand response is a win-win situation. We’re excited to be able to play our part in helping to protect the environment by curtailing our energy consumption when the provincial electricity system is most strained, while also reducing our energy costs as a result of our participation in the EnerNOC program,” said John Fountain, vice president, engineering, Atlas Cold Storage.
About EnerNOC
EnerNOC, Inc. is a leading developer and provider of clean and intelligent energy solutions to commercial, institutional, and industrial customers, as well as electric power grid operators and utilities. EnerNOC's technology-enabled demand response and energy management solutions help optimize the balance of electric supply and demand. The Company uses its Network Operations Center, or NOC, to remotely manage and reduce electricity consumption across a network of commercial, institutional, and industrial customer sites and make demand response capacity and energy available to grid operators and utilities on demand. For more information visit www.enernoc.com.
Safe Harbor Statement
Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the future growth and success of the Company's demand response and energy management solutions, including the Company’s ability to successfully deliver capacity under its new agreement with the Ontario Power Authority and to expand into new markets, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section “Risk Factors” in EnerNOC's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 28, 2008, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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